SEC Says It Will 'Review' Bitcoin ETF Rejections
As CoinDesk previously reported, SEC staffers rejected proposals from three companies – Proshares, GraniteShares and Direxion – in a triple-set of orders published late yesterday. Now, according to the letters, senior SEC officials will review those orders, though it's unclear at this time when the review will be completed.
As SEC secretary Brent Fields wrote in a letter addressed to NYSE Group senior counsel David De Gregorio:
"The Office of the Secretary will notify you of any pertinent action taken by the Commission," Fields added. Similar language was used in two others letters, including another sent to NYSE Group and Cboe Global Markets.
The news was announced by commissioner Hester Peirce, who notably dissented from a decision last month that saw the SEC shoot down, for a second time, a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss.
In a follow-up tweet, Commissioner Peirce explained the steps to come as the SEC moves to review the decisions.
"In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here," Peirce wrote.